Money management is not an art but a necessity dictated by modern life. If a person cannot live on their own salary, it is time to change a job or learn how to manage money instead. Luckily, some not tricky, but very important rules will help you out.
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So, there are general rules on how to create effective money management:
- cost planning;
- search for new sources of income;
- rational use of loans;
- making purchases in cash;
- investing in one’s own development;
- accumulation of the reserved costs;
- setting goals.
Each of these points should be examined in more detail.
- Cost Planning
It is recommended to calculate your financial spendings on paper or in an electronic document. Keeping it all just in your head only confuses you.
There are many convenient mobile applications (even some banks have such services in their applications) that help you figure out how much money a person receives per month and how much and on what it is spent. If people ask themselves frankly how much money was spent over the past month, very few will know the exact number. But it is obligatory to know it.
- Search for new sources of income
An additional source of income will make you more confident regarding what the future holds. You will be less dependent on the basic salary.
What should be this new source of income? Just your desire. It can be, for instance, your ability to knit hats. There is always a demand for them, and if you do it efficiently and creatively, your income will increase. You can also gamble for money. And don’t forget that ZEN Online Casino Guide will help you find the most reliable online gambling service.
You can also sell all the things you don’t need online. Having studied the financial literature, you can invest in banks and make other kinds of investments in stocks, obligations, real estate.
- Bank loans (you can use them, but watch out!)
Credit may be used, but be careful. The advantage of a credit card is that it allows you to make a one-time large purchase, the value of which you can return within 2-3 months, transferring money from your salary in parts.
- Using cash instead of the bank cards
When a person does not see their money, it is easier to part with them. This leads to the acquisition of unnecessary things. It is better to pay in cash to know exactly about your expenses. The small and unnecessary spendings eat up a significant portion of the budget.
You shouldn’t stop studying after graduation. Do not neglect trainings, courses. They will help you understand the new areas of business.
- Saving money
It is good to have a certain reserve in case of unforeseen circumstances. To do this, it is enough to save a certain percentage (30-50%) of income every month.
- Goal setting
Accumulating savings is simpler if you have a specific goal, but rather a few. This is not about a specific amount, but about certain benefits that a person will receive when using them. This may be the purchase of housing, a car, a trip abroad, a comfortable old age, child education.
Money shouldn’t be wasted; it must be managed carefully and judiciously.
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